Italy's Current Account Gap Narrows In January

3/16/2012 6:12 AM ET

Italy's current account deficit narrowed in January from last year, data published by Bank of Italy revealed Friday.

The deficit fell to EUR 7.95 billion in January 2012 from EUR 8.7 billion in January last year. The deficit on merchandise trade fell to EUR 4.6 billion in January from EUR 5.7 billion recorded last year.

Services balance was in deficit of EUR 1.24 billion, less than EUR 1.45 billion deficit a year earlier. The income account moved to a deficit of EUR 316 million from a surplus of EUR 113 million in January 2011.

The shortfall in current transfers rose to EUR 1.77 billion from EUR 1.6 billion. Direct investment resulted in a net inflow of EUR 3.87 billion in January compared net outflow of EUR 1.05 billion recorded a year ago.

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